FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
June 27, 2011
Volume 43
Treasurer’s Report for May 2011
This resolution is recommended.
Be it Resolved, That
The Charles Stewart Mott Community College Board of Trustees
Accepts the financial report of the College for the month of May 2011 as presented
by the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: June 27, 2011
Board Policy Statement Reference:
“3100 Budget Adoption: General: The Board recognizes that its annual budget represents the programmatic
direction and vision of the College. It is also designed to meet both the legal requirements and needs of the College.
1. The Finance Committee shall receive and review budget reports on a monthly basis.”
May Treasurer’s Report
Larry Gawthrop, CPA
Chief Financial Officer
June 27, 2011
Summary of Expenditures:
Month of May Spending:
General Fund:
All Other Funds:
Total:
$
$
$
5,902,545
3,129,880
9,032,425
Comments on General Fund Financial Statements:
•
Statement of Revenues, Expenditures and Changes in Net Assets
In summary, total revenues for the eleven month period ended May 31, was
approximately $69.7 million, representing 92.5% of the annual budget. This is .6% higher
than last year at this time, when we had recognized 91.9% of budgeted revenues. The
most significant changes continue to be in Tuition and fees and Property taxes which are
discussed further below. Expenditures year-to-date were at $61.4 million dollars, which
represents 81.6% of the annual budget. This was 2.7% higher than last year at this time
when compared to the previous year’s budget.
Revenues
Tuition and fee revenues are $37.3 million for the eleven months ended, which is $3.3
million ahead of last year through May and on the same pace with the budgeted
percentage when compared to the previous year.
Property taxes are $18.8 million through May, a reduction of $2.5 million (11.7%) vs.
2010. The amount budgeted is down 11.0% from last year’s $20.9 million. The budgeted
amounts are based on final taxable value figures provided by the Genesee County
Equalization Department.
State appropriations payments for FY2010-11 are paid in monthly installments starting
with October. The total budgeted amount for the current year is $15.1 million which is in
line with last year’s appropriation. The eighth of eleven payments was received in May.
Expenditures
Salaries and Wages are at $34.7 million, or 88.8% of the annual budget. This is 1.3%
higher than last year when we had recognized 87.5% of the annual budget.
Fringe Benefits are at $14.4 million, which is an actual to budget increase of 2.9% yearover-year, equally due to the increase in medical benefits costs and MPSERS retirement
rate increases and the timing of posting retirement and insurance payments.
Other Expenditures
The most significant changes in the Other Expenses area were an increase of
approximately $503 thousand in the Contracted Services line item due to moving
maintenance expenditures from the 72 fund to the General Fund and increased activity in
the CE/CS and Workforce Development areas.
•
Balance Sheet
Total Assets are at approximately $27.8 million, up $1.1 million from last May. The
largest difference is a $3.1 million decrease in Cash and Cash Equivalents, due in part to
the unreimbursed portion of the library project from the Sate and a $3.6 million increase
in Accounts Receivable due to an increase in contact hours for Summer and Fall, an
increase in the tuition rate, and a timing difference in the auto drop from last year to this
year.
The College maintains one checking account for all of its funds; deposits and
disbursements. This necessitates the short-term “loaning” or “borrowing” between the
funds throughout the year depending on which funds revenue or expenditures are being
deposited or paid out. Each month the accounting department clears these “due to’s” and
“due from’s” respectively assigning the activity to the proper fund. However, significant
activity can occur after these transfers are completed, causing large variances when
compared to the previous period.
At roughly $12.2 million, Total Liabilities were up approximately $2 million from last
year’s May balance. The most significant changes were in the areas of Other accrued
liabilities which is the recording of the full amount of the GM tax appeal as calculated by
the Genesee County Equalization Department ($ 611,000) less payments made to date
($ 89,977), Accounts payable which is attributable to a timing difference of the month end
check runs, Accrued payroll and related liabilities due to timing of posting and payments
for insurances and retirement payments, and Unearned revenue related to the increase in
the summer and fall 2011 enrollment and contact hours when compared to the previous
year.
Comments on spending from other funds:
•
Of the $3.1 million spent in the other funds, $300 thousand was expended out of Bond and
Maintenance and Replacement Funds for capital improvements, and the remaining $2.8
balance out of the Agency, Scholarships, and Federal Grants, for grant activities and
student scholarships.
Mott Community College
General Fund
Statement of Revenues, Expenditures and Changes in Net Assets
For the 11 Months Ended May 31, 2011
With Comparative Totals at May 31, 2010
FY 2010-2011
Budget
YTD Actuals
as of 5/31/11
Actual to
Actual $
Change
YTD Actuals
as of 5/31/10
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
Ballenger trust
Grants and other
Total revenues
$
36,132,476 $ 37,287,781 $
20,915,001
18,833,011
15,121,880
11,026,496
1,634,329
1,498,135
1,489,484
1,025,819
33,964,890
21,318,597
11,050,555
1,435,918
1,015,810
$
3,322,891
(2,485,586)
(24,059)
62,217
10,009
75,293,170
69,671,242
68,785,770
885,472
39,105,717
16,501,211
5,734,537
2,542,154
213,700
2,510,000
5,216,740
2,963,200
440,470
34,731,772
14,394,929
4,321,389
1,772,841
195,354
2,197,050
3,386,956
307,836
70,136
34,471,047
12,742,748
3,818,163
1,849,940
243,585
1,978,882
3,493,831
385,603
82,644
260,725
1,652,181
503,226
(77,099)
(48,231)
218,168
(106,875)
(77,767)
(12,508)
75,227,729
61,378,263
59,066,443
2,311,820
65,441
8,292,979
9,719,327
(1,426,348)
9.78%
-11.66%
-0.22%
4.33%
0.99%
1.29%
Expenditures:
Salaries and wages
Fringe benefits
Contracted services
Materials and supplies
Facilities rent
Utilities and insurance
Operations/communications
Transfers
Capital outlay
Total expenditures
Net increase/(decrease) in net
assets
0.76%
12.97%
13.18%
-4.17%
-19.80%
11.02%
-3.06%
-20.17%
-15.13%
3.91%
-14.68%
Mott Community College
General Fund
Balance Sheet
May 31, 2011
With Comparative Totals at May 31, 2010
As of
May 31
2011
Assets
Current Assets
Cash and cash equivalents
Short term investments
Due from (to) other funds
Accounts receivable - net of allowance
for uncollectible accounts ($3,200,482
for 2011 and $3,352,965 for 2010)
Inventories
Prepaid expenses and other assets
Total Assets
$
11,987,792 $
936
5,915,321
9,694,467
87,305
105,977
As of
May 31
2010
15,111,700 $
936
5,299,458
6,070,068
68,077
131,156
$
Change
(3,123,908)
615,863
3,624,399
19,228
(25,179)
$
27,791,798 $
26,681,395 $
$
1,785,616 $
1,282,085
32,951
5,840,900
521,023
877,971 $
1,318,597
117,191
4,898,907
-
9,462,575
7,212,666
Accrued termination pay
2,762,365
2,967,087
Total Liabilities
12,224,940
10,179,753
Net Assets
Unrestricted
15,566,858
16,501,642
(934,784)
Total Net Assets
15,566,858
16,501,642
(934,784)
27,791,798 $
26,681,395 $
Liabilities and Net Assets
Current Liabilities
Accounts payable
Accrued payroll and related liabilities
Deposits held for others
Unearned revenue
Other accrued liabilities
Total Current Liabilities
Total Liabilities and Net Assets
$
1,110,403
907,645
(36,512)
(84,240)
941,993
521,023
2,249,909
(204,722)
2,045,187
1,110,403